Friday, July 13, 2012

No PAN needed for people outside income tax bracket: Karnataka High Court

The Karnataka High Court has held that people with income below taxable limit need not furnish
Permanent Account Number (PAN). The High Court order came as a relief to thousands of individuals who are asked to provide PAN despite having income below the taxable limit. Section
206 AA of the Income-Tax Act, which became effective from assessment year 2010-11, makes
it mandatory for every person to furnish PAN in their transactions with banks and financial
institutions.

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